Cooperative Bank of Kenya has received all the necessary approvals to purchase 90% ownership in Jamii Bora Bank. The acquisition will take effect on 21st August 2020.
The deal has been approved by the Central Bank of Kenya, National Treasury, and shareholders of the two companies.
“CBK welcomes this transaction which will diversify the business models of the two institutions, benefiting Co-op Bank’s diverse shareholders and enhancing the resilience of the Kenyan banking sector” CBK noted.
Coop bank is Kenya’s third largest bank in terms of market share at 9.96%. It operates 159 branches in Kenya and South Sudan.
Jamii bora bank was position 38 out of 39 banks in terms of market share as at 30th June 2020.